On Sunday night, we returned from a two-day horseback trip up into the Argentine mountains. After 18 hours of riding over the worst terrain you can imagine – and sleeping on the hard stone floor of an unheated refuge at 9,500 feet – we showed up at the house bruised… worn-out… windburned… and sun beaten.

Nothing special happened yesterday. The Dow rose to recover some of its recent losses. Gold fell to give back some of its recent gains. Stock market advisors are unusually bullish. Investors are unusually bullish. Barron’s is unusually bullish. All of which makes us think this is a good time to be unusually bearish. Sell stocks. Buy gold. Be happy.That’s all we’ve got for today… except for this write-up of our recent visit to Molinos by Elizabeth.